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Ethereum Hits a Fresh Record High

Posted by Alex Took

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Date: November 24, 2017

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In: Crypto Currencies

The digital currency of the Ethereum blockchain, Ether, made some significant gains over the Thanksgiving holiday. According to data from industry website CoinMarketCap, the cryptocurrency hit an all-time high of $425.55 on Thursday; breaking a previous record high of $414.76 achieved in June.

Ether, the second-largest cryptocurrency, has risen by more than 5000 percent since the start of the year, and now has a market capitalization of more than $40 billion. In comparison, Bitcoin’s market capitalization is at $137 billion.

Ether’s growth follows the prediction of billionaire investor Mike Novogratz that the cryptocurrency would hit $500 by the end of the year. Novogratz has argued that investors are pouring money into cryptocurrencies like Ether and Bitcoin because of the growing lack of trust in financial institutions.

In more good new for Ether, Air New Zealand recently confirmed their intent to tap into blockchain technology in the hope of exploring various applications for the technology, such as for retail airfares, cargo and baggage tracking, and loyalty programs. The airlines aim is said to be to cut out the intermediaries and connect startups and companies directly to service providers, in this case via Winding Tree’s B2B marketplace, which is built on a public Ethereum-based blockchain. This kind of platform would enable blockchain-based transactions, giving both parties lower transaction fees and convenience in information sharing.

Additionally, Ethereum is reportedly processing more transactions a day than all other cryptocurrencies combined. Yesterday, Ethereum’ had around 534,000 transactions, accounting for over 50% of all cryptocurrency trades; suggesting traction amongst users, which in turn suggests the demand for ether could be on the rise.

According to data provider CoinMarketCap, the market value of all cryptocurrencies in circulation just recently passed the quarter of a trillion dollar mark.